Savills : Prime Sheffield office building changes hands for £6.85 million
November 21, 2017 at 09:34 am EST
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ADAPT Real Estate, working alongside Ship Street Advisors, and acting on behalf of UKRO, a Jersey domiciled fund focused on UK regional offices, has acquired Riverside West in Sheffield from Schroder Real Estate Investment Management for £6.85 million. The deal reflects a net initial yield of 7.60%. International real estate advisor Savills, acted on behalf of the purchaser.
The five-storey office building, which totals 40,592 sq ft (3,771 sq m), is fully let to Irwin Mitchell until 2023 at an annual rent of £555,000. It is located within Riverside Exchange, one of Sheffield's largest office and retail regeneration schemes, where occupiers include the Home Office, Howells Solicitors and the Department for Environment, Food & Rural Affairs.
Mark Wilson, associate director in the investment team at Savills Leeds, comments: 'Riverside West is a prime city centre office investment offering a secure income at an attractive yield and will be an excellent addition to our client's portfolio.'
Schroder Real Estate Investment Management was represented by Singer Vielle and Steadman Brierley.
Savills plc published this content on 21 November 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 November 2017 14:33:07 UTC.
Original documenthttp://www.savills.co.uk/_news/article/72418/224882-0/11/2017/prime-sheffield-office-building-changes-hands-for-£6.85-million
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Savills plc is a United Kingdom-based global real estate services company. The Company operates through a network of offices in the United Kingdom, Europe, Asia Pacific, North America, Africa and the Middle East. The Company's range of services covers various segments, which include residential, office, industrial, retail, leisure, healthcare, rural and hotel property, and mixed-use development schemes. Its businesses include Transaction Advisory, Consultancy, Property and Facilities Management and Investment Management. The Transaction Advisory business stream comprises commercial, residential, leisure and agricultural leasing, tenant representation and investment advice on purchases and sales. Its Property and Facilities Management business includes management of commercial, residential, leisure and agricultural property for owners. Its Consultancy business includes a range of professional property services, including valuation, project management and housing consultancy, and other.
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